Thailand’s Ministry of Digital Economy and Society (MDES) is taking action against Facebook in response to the proliferation of cryptocurrency scams on the platform. The MDES has stated that over 200,000 people have fallen victim to these scams, which have been promoted through Facebook advertisements featuring false promises of 30% daily returns and images of well-known celebrities. The ministry has announced its intention to submit a filing to the court requesting that Facebook be shut down within seven days unless the platform takes steps to address the issue. This development highlights the growing concern about the promotion of fraudulent cryptocurrency schemes on social media platforms like Facebook and Instagram, which have caused significant financial losses for many people worldwide.
According to a statement released by the Ministry of Digital Economy and Society (MDES) of Thailand on August 21, approximately 200,000 people have fallen victim to cryptocurrency scams that have been promoted through Facebook advertisements. These scams have been marketed as get-rich-quick investment opportunities, but have resulted in significant financial losses for investors. Additionally, the MDES has noted that some of these scams have also promoted investments in fake businesses and fake government agencies, such as the Securities and Exchange Commission (SEC), further highlighting the need for caution and due diligence when considering investment opportunities.
The Thai regulator, MDES, has reported that scammers have been using various tactics to deceive investors, including cryptocurrency investment and trading scams. These scams often feature images of well-known celebrities to appear legitimate and promise unsuspectingly high daily returns of over 30% to entice victims and defraud them of their money.
Moreover, Minister Chaiwut Thanakamanusorn of the MDES revealed that the ministry has been in talks with Facebook, a Meta-owned social media platform, to address the issue of crypto scams. However, despite these efforts, Facebook has not taken sufficient measures to protect users from being exposed to these fraudulent schemes. The ministry has been compiling evidence related to these scams, with the number of reported cases currently standing at around 5,300 at the end of the month.
Moreover, the ministry has announced its intention to take further action against Facebook if the platform fails to address the issue of crypto scams. Specifically, the MDES has stated that it is prepared to petition the court to shut down Facebook within seven days if the platform does not take appropriate measures to prevent the proliferation of these scams. In addition, the ministry has advised investors in Thailand to exercise caution and not fall prey to unrealistic investment opportunities that promise unusually high returns and feature images of celebrities.
As previously reported by BitcoinWisdom, Thailand has become a destination of interest for numerous cryptocurrency businesses. This includes the world’s largest cryptocurrency exchange, Binance, which recently announced that its joint venture with Gulf Innova has received regulatory approval in the country. This approval was granted by the Ministry of Finance of Thailand and allows for the launch of a cryptocurrency exchange and broker.
